Pound Sterling (GBP) is enjoying the ride provided by the generally softer USD and the additional tow from the EUR lifting its European peers, Scotiabank’s Chief FX Strategist Shaun Osborne notes.
Sterling gains push through Cable’s 200-day MA
“UK PMI data was left largely unchanged from the preliminary reports; February Services activity was marked down a tenth to 51.0 while the Composite index was left unchanged at 50.5.”
“Sterling gains have pushed through Cable’s 200-day MA (1.27896) and retracement resistance at 1.2764 (50% Fib of the September/January decline). Look for support on dips to the upper 1.27s from here and a further push on towards 1.29.”
- Euro advances against Canadian Dollar amid lower oil prices, ECB rate hike bets
- Gold steadies above $4,300; not out of the woods yet amid Fed hike bets and bullish USD
- Gold weakens below $4,400 as US Treasury yields surge, Fed rate hike bets rise
- Euro extends losses against British Pound as Eurozone inflation fails to impress
- Gold declines as rising Fed hike bets and US‑Iran tensions support USD
Free Forex Signals 
Leave a comment